Emily Parker in The Wall Street Journal on Bangladesh’s Grameen Bank’s new venture in the land of the subprime mortgage crisis. Via Mint:
In a Jackson Heights shop for colourful saris and glittering bracelets, several women have gathered to meet their banker. They laugh and chat in Bengali. Sultana, a 39-year-old woman wearing a headscarf, hands him $128 in cash. She is making her first repayment of the $3,000, six-month loan she’ll use to help with her husband’s candy store.
Welcome to Grameen America, Muhammad Yunus’ brand new microfinance venture. Yunus, along with his Bangladesh-originated Grameen Bank, won the 2006 Nobel Peace Prize for battling poverty by lending out small sums of money to the poor. The loans are mainly for income-generating activities-from making baskets to raising chickens. Since its establishment in 1983, Grameen has given out billions of dollars in loans, helping to pull families out of poverty and inspiring similar operations all over the world.
Yunus has now brought Grameen to this borough of New York City.
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